Still Tight

Decades later, this partnership continues to grow.

By Lucretia DiSanto Jones

More than 30 years ago, Advisor
Today’s
predecessor, Life Association News, published an article about two
men whose four-year-old partnership was still finding its way.

The two men, William D. Olinger, CLU, and
William F. Koss, CLU, who are still members of the Gainesville AIFA
(Fla.), formed Koss Olinger Financial Group in 1969 and continue
to thrive—together. Their
firm is one of the largest and most reputable in
Gainesville.

While getting into a partnership can be as
easy as hanging out a shingle for yourself and your partner, surviving
together can be difficult at times. David Gage, in his book, The
Partnership Charter: How to Start Out Right With
Your New Business Partnership (or Fix the One
You’re In), recounts numerous
partnerships that have gone sour, but he also tells of partnerships
that blossom.

According to Gage, the elements of a successful
partnership include similar values, mutual trust and respect. “When prospective
partners have assessed these critical relationship elements, they
have had a tremendous head start,” says Gage.

Perhaps Gage’s theory explains the Koss-Olinger success story.
Just like real estate has its mantra for success—“location,
location, location,” at the core of the Koss-Olinger relationship
are “values, values, values.”

Their success is a model for other advisors eyeing or already in
a partnership. It is a model based on mutual respect and commitment,
and an objective approach to financial and estate planning.

“Bill’s values and mine have a lot to do with where we
are today. We had each other’s best interest at heart. We’ve
tried to convey Koss Olinger as an organization that is bigger than
just Bill Olinger or just Bill Koss. Because of that we’ve always
been viewed as an institution rather than just two guys trying to
do what everyone else is trying to do,” says Koss

Over the years their comparable thinking has
helped keep at bay issues that could create tension in a partnership.
Olinger provides an example. “Because
of our similar backgrounds,” he says, “we both felt that
money should come back into the business to build the practice. We
didn’t take huge salaries, and now we have seven advisors besides
us.”

Decidedly independent
Koss and Olinger from the outset wanted to remain
independent. “We wanted to convey that we were objective and
we had the competence to perform,” says Koss. To achieve this,
they have consistently insisted on doing business
only with companies that exude integrity and are customer-oriented.

As the team grew, it attracted staff with
comparable views. “The
culture of what we have is fundamentally based on Bill and me, but
it’s been enhanced by these young people and their commitment
to the same kinds of ideals,” says Koss.

What’s more, a firm that conducts itself with impeccable standards
is a magnet for like-minded clients and prospects. “We’re
both idealistic people,” says Koss. “We trust people to
do the right thing rather than thinking somebody’s going to
do the wrong thing. It’s been an incredibly positive experience
because the client base we’ve attracted shares similar values.
In turn, these clients have recommended us for our
values, which attracts even more people.”

This cycle is the key to bringing in solid
referrals and building a strong future for the firm. “Sure, you’re always challenged
by the world, the marketplace,” says Koss, “but it has
been a fundamental belief of ours that when we work with someone we’re
committing ourselves to them for a lifetime.”

Committed to each other
In any business relationship, there will be times
when one partner is doing well while the other
struggles. The key to overcoming these awkward patches, say Koss and Olinger,
is to step back and look at what you are doing for each other. “There
are many things that aren’t on the balance sheet. You have
to look at the tangible and the intangible,” says Koss. “I’ve
always looked at Bill as being the guy who’s grounded and
who I can depend on to think through decisions. At the end of the
day if Bill says, ‘This is what we’re gonna do because
it’s something we should do,’ I trust his judgment because
I know he’s really thought it out,” says Koss.

Fostering mutual success
There is another reason why a partnership creates
fertile ground for each partner to succeed. As
Olinger puts it, “This
business would be a very hard business to be in alone.” Koss
agrees. “There’s nothing more powerful than the synergy
of two people committed to the same principles and really driven
by long-term goals and objectives,” says Koss. “If you
tried to do it all on your own, you’d come back and you’d
stare at the wall some days, and you’d be really unsure about
yourself. When you have a partner, you can bounce
things off each other, and that really means a lot.”

For more on David Gage and his book, The
Partnership Charter: How to Start Out Right With Your New
Business Partnership (or Fix the One You’re In), visit “Howdy
Pardner.”